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Make journal entry to record transaction using net method

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Reference no: EM132777172

Company A began operations in the current year. The entity used perpetual inventory system.

  • During the year, the company purchased merchandise having a gross invoice cost of P1,500,000. All purchases were made under the terms 5/10, n/30, FOB destination. Relative to this, the company paid freight expenses of P100,000.
  • The company was able to pay 80% of the purchases within the discount period but the remaining purchases were paid beyond 10 days. 70% of the purchases were sold for P1,200,000.

Problem 1: Prepare journal entries to record the transactions using gross method and net method.

Reference no: EM132777172

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